Calming Nigeria’s Economic Storm Through The Capital Market, By Sola Oni

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Calming Nigeria’s Economic Storm Through The Capital Market, By Sola Oni
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Nigeria, the largest country in Africa by population, is battling with myriad of economic challenges. Its ability to realize optimal economic potentials is constrained by structural issues, including inadequate infrastructure, limited foreign exchange capacity, trade barriers, growing unemployment, investor apathy, rising inflation and other macroeconomic vagaries.

Government’s penchant for borrowing to finance budget deficit has consistently drawn the ire of economic experts who express concerns on the implications of debt burden on the nation’s monetary policy.

In pursuit of their roles as economic engineers and agents of wealth creation, stockbrokers in Nigeria are warming up to prepare a roadmap on how the Federal Government can leverage the capital market to put the dwindling economy on sound footing. By this strategic move, stockbrokers shall on Wednesday, November 4 and Thursday, November 5, 2020 converge for the 2020 Annual Conference of Stockbrokers in both physical and virtual mode to articulate options for the nation’s economic revival under the Theme “Navigating through the Storms-Reenergizing the Economy through the Capital Market”.

The Conference, coming at a period when the Nigeria’s Vice President, Professor Yemi Osinbajo says government is seeking alternative avenues for money, will attract indigenous and foreign finance and investment experts, top government functionaries, capital market regulators, investors and other members of the capital market ecosystem.

“The significance of this year’s Theme is better appreciated against the backdrop of the current situation whereby the Federal Government is in dire need of fund to finance the economy. The key messages to the government, companies and individuals in Nigeria are that of hope and renewal. to take advantage of an array of investment opportunities in the capital market for capital mobilization and formation.

“The Government should access the market for medium and long-term fund to finance the economy and build infrastructure. Companies should explore the market to shore up working capital, invest in Information and Communication Technology (ICT) grow business, enhance profitability and boost return on investment (ROI) while individual investors should take advantage of the market for capital formation.”, says Olatunde Amolegbe, the President, CIS.

Corroborating him, the Institute’s Registrar and Chief Executive, Mr Adedeji Ajadi noted that Covid-19 pandemic had necessitated the need for comprehensive turnaround of the economy.

“We are sending a poser to the government: With the challenges of Covid-19 pandemic, a looming recession and other economic issues in Nigeria, how do we turn our economy around? We are suggesting that, if well- explored, the capital market can be a major catalyst to drive the desired growth, and take us through the ‘storm’.”, says Ajadi.

Some of the issues that will dominate discussion of seasoned experts from diverse professional background include : Alternative Investments: How to Invest when Traditional Options Taper; The Nigerian Stock Exchange Demutualization: Demystifying the Big Picture; Infrastructure and Deficit Funding: Bridging the Gap via the Nigerian Capital Market and Rebirth of CAMA: Implications for Capital Market Ecosystem.

Federal, States as well as Local Government Councils had raised funds through the market for development projects several times. Recently, the Federal Government raised N200 Billion through Sukuk 1 and 11 to fund over 26 roads across the six geopolitical zones in the country. The high profile Annual Conference is a platform for engaging discussion of issues to move the economy and the market forward.

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